AUB nets P1.7B, up 14%

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Asia United Bank Corp’s (AUB) net income in 2014 grew by 14 percent to P1.7 billion from P1.5 billion a year ago despite the industry-wide trading gains pullback last year.

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The bank still saw a 54.9-percent boost in its loans, netting P3.4 billion compared to a year ago despite lower interest rates. AUB’s total assets rose to P124.8 billon from P105 billion in 2013.

Its deposit base likewise climbed by 28.9 percent to P95.3 billion, driven by the increase in branch network — ending the year with 221 branches consisting of main AUB networks and its unit Rural Bank of Angeles.

AUB said: “an extraordinary gain of over P300 million from the sale of the bank’s foreclosed properties managed to offset the 49.3-percent drop in trading gains to P345.3 million during the period.”

“We are optimistic that 2015 will be a better year, as AUB and subsidiaries continue to reap the gains from our aggressive branch expansion and as we step up our deposit-generation and lending activities,” AUB President Abraham Co said.

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